New York, September 6 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for the second consecutive day on Wednesday, hitting a new low in more than two weeks. A stronger dollar weighed on copper prices.
As of the close, copper futures fell by 5.7 cents to 6.25 cents. Among them, the most actively traded December 2023 copper fell 6.25 cents or 1.62% to close at 3.786 US dollars per pound. lowest price.
December copper traded in a range of $3.781 to $3.8475.
On Wednesday, the ICE U.S. Dollar Index rose for the second consecutive day to close at 104.821, up 0.06% from Tuesday. The dollar has gained 1.2 percent so far this month. A stronger dollar means copper is more expensive for buyers holding other currencies.
Wednesday's data showed that the U.S. ISM non-manufacturing purchasing managers' index (PMI) came in at 54.5, beating expectations for 52.5, raising concerns that the Federal Reserve will keep interest rates higher for longer.
The recent COMEX copper futures contract fell 1.5% so far this year, and Wednesday's closing price was still up 9.03% from the same period last year.
Current copper prices are 23.95% below their all-time peak of $4.929 hit in March 2022, as high interest rates in Western economies weigh on economic growth and commodity demand, while China's economy is performing worse than earlier expected.
Copper futures on COMEX fell by 14.6% in 2022, mainly because the outlook for global economic growth is worrying. High inflation has prompted central banks in Europe and the United States to actively raise interest rates to curb inflation, exacerbating the risk of economic recession. In contrast, copper has recorded two consecutive years of gains of 25% in 2020 and 2021, as the green transition of the global economy and electrification help boost additional demand for the metal, which is widely used in the power and construction industries, while copper mines face challenges. Disruptions such as underinvestment and production disruptions.
The October 2023 copper contract on the Shanghai Futures Exchange rose 250 yuan to 69,520 yuan a tonne on Wednesday. Bonded copper futures for November delivery on the Shanghai International Energy Exchange (INE) rose 240 yuan to 61,820 yuan a tonne.
On Wednesday, the trading volume of COMEX copper futures was 76,028 lots, compared with 100,087 lots in the previous trading day; the number of open positions was 193,597 lots, compared with 192,035 lots in the previous trading day.
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